v3.26.3
Revenue from Contracts with Customers
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of Revenue
The following table summarizes revenue from contracts with customers by Specialty:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2026
2025
2026
2025
Wholesale Brokerage
$394,283
$376,788
$1,270,881
$1,214,741
Binding Authority
93,012
89,636
303,182
286,110
Underwriting Management
287,786
273,128
886,649
755,686
Total Net commissions and fees
$775,081
$739,552
$2,460,712
$2,256,537
Contract Balances
Contract assets, which arise primarily from the Company’s supplemental and contingent commission arrangements,
medical stop loss business, and multi-year structured solutions business, are included within Commissions and fees
receivable – net on the Consolidated Balance Sheets. The contract assets balance was $55.8 million and $65.4 million as of
September 30, 2026 and December 31, 2025, respectively. The contract liability balance related to deferred revenue, which
is included within Accounts payable and accrued liabilities on the Consolidated Balance Sheets, was $17.3 million and
$10.0 million as of September 30, 2026 and December 31, 2025, respectively. During the three and nine months ended
September 30, 2026, $1.2 million and $9.3 million, respectively, of the contract liabilities outstanding as of December 31,
2025, were recognized as revenue.